Gold and silver prices today: Yellow metal continues to hover near $2,000 as dollar weakens

Gold opened on the Multi Commodity Exchange (MCX) on Thursday at Rs 61,074 per 10 grams and hit an intraday low of Rs 61,033. In the international market, prices hovered around $1,995.68 per troy ounce.

Meanwhile, silver opened at Rs 72,960 per kg, hit an intraday low of Rs 72,881 on the MCX, and hovered around $23.7 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices continue to trade close to a key $2,000 level, as an overall weaker dollar and lower US Treasury yields buoyed demand for bullion.”

The benchmark US 10-year Treasury yield hovered around its two-month low at the start of this week, while the dollar index is holding firm below the 104 mark.

“Some strength in the dollar index after positive US unemployment data curbs the appreciation in gold prices. However, the dollar index is trading at 10-week low levels,” said Anuj Guthe pta, Head of Commodity and Currency at HDFC Securities.

Data showed orders for long-lasting US manufactured goods fell a more-than-expected at 5.4% in October, signalling that the economy was cooling considerably after hot Q3 growth. The number of Americans filing new claims for unemployment benefits fell more than expected last week.

Modi said, “The US Federal Reserve officials agreed at their last policy meeting that they would proceed ‘carefully’ and only raise interest rates if progress in controlling inflation faltered, per the minutes of the FOMC meeting.” Traders expect the Fed to leave rates unchanged in December but dialled back expectations of rate cuts in 2024, leading to some volatility in safe-haven assets.

Also read: Gold and silver prices today: Yellow metal hovers around $2,000 levels

Also read: Gold and silver prices today: Yellow metal rises as US dollar weakens

Also read: Gold and silver prices today: Yellow metal edges higher as US dollar and Treasury yields dip

Updates regarding a temporary ease-off in the Israel-Palestine dispute did not trigger any major move in the market. Market participants are awaiting further updates regarding the same.

Modi said, “Today volatility could be a bit lower on the back of the US Thanksgiving holiday. However, the focus will be on the manufacturing and services PMI data from the EU and UK.”

Amit Khare, Associate Vice President at GCL Broking, said, “

December Gold closed at 61018(-0.34%) and December Silver closed at 72781(-0.71%). As per the daily chart, Bullions are looking strong now; Momentum Indicator RSI also indicates the same, So traders are advised to make fresh buy positions in Gold and Silver near given support level one with the stop loss of support level two and book near given resistance levels: Gold December Support 60900/60700 and Resistance 61300/61500. Silver December Support 72700/71700 and Resistance 74000/74500.”